Iran’s Hormuz Oil Pressure Fades as Gulf Crude Flows Continue 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Oil Prices Rise as Hormuz Tensions Threaten Supply 
U.S. Payrolls Seen Rebounding in August as Labor Market Stays Soft 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
OPEC+ Expected to Hold October Oil Output Steady 
China Expands Influence in Global Gold Market 
UK House Prices Fall for First Time Since 2023 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Singapore Straits Times Index Hits Record High as Banks, Property Stocks Rally 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
Asian Currencies Rise as Yen Surges on Fed Rate Outlook 
Asian Stocks Rally as Fed Rate Hike Fears Ease 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Gold Prices Hold Near $4,500 as Fed Rate Hike Bets Ease 
Jefferies Names 6 Top India Stock Picks Across Key Sectors 
Add as a preferred source on Google
Oil prices declined Thursday as unexpectedly large U.S. crude inventories, weaker global demand forecasts and continued tensions surrounding the Strait of Hormuz weighed on the market.
Brent crude futures for October delivery fell 2.2% to settle at $86.99 per barrel, ending a six-session winning streak. U.S. West Texas Intermediate (WTI) crude futures for September dropped 2.5% to $81.18 per barrel, snapping five consecutive sessions of gains.
Pressure on crude oil prices intensified after the U.S. Energy Information Administration reported a sharp increase in domestic stockpiles. Commercial U.S. crude inventories, excluding the Strategic Petroleum Reserve, jumped by 17.4 million barrels in the week ending August 7 to 424.4 million barrels. Analysts had expected inventories to decline by 1.7 million barrels.
Including the SPR, total U.S. crude stocks increased by 11.3 million barrels to 723.1 million barrels.
Concerns over global oil demand also influenced trading. The International Energy Agency now expects worldwide oil demand to decline by 1.6 million barrels per day in 2026, before rebounding by 2.4 million barrels per day in 2027. The agency estimated that about 8.3 million barrels per day of Gulf production remains offline.
OPEC offered a less pessimistic outlook, forecasting global oil demand growth of 600,000 barrels per day in 2026, down from its previous projection of 800,000 barrels per day.
Meanwhile, uncertainty over the Strait of Hormuz remains a key risk for global energy markets. The U.S. maintains that the critical shipping route is open to commercial vessels, while Iran says the waterway remains under its control and has imposed conditions for safe passage.
Shipping activity through Hormuz has reportedly fallen to its lowest level since mid-May. Supply concerns have also intensified following attacks in the Bab el-Mandeb Strait by Iran-backed Houthi forces, adding another layer of uncertainty to global oil markets.
